Guild Mortgage Company Case Study
Guild Mortgage Company (“Guild”) is in receipt of your correspondence dated August 10, 2016 from the Consumer Financial Protection Bureau (“CFPB”). Guild appreciates the opportunity to review and respond to your concerns.
Your correspondence indicates your dissatisfaction with the lack of communication you received form you loan representative and with the delays you experienced throughout the closing process. You also expressed concern as it relates to obtaining the Mortgage Credit Certificate (MCC).
Your correspondence mentioned that there was lack of communication on the part of the loan representative. The loan comments noted in your file indicated your loan representative provided updates on the status of the loan and continued to communicate with you during the course of …show more content…
On 05/15/2016, your loan program was then changed to Southeast Texas Housing Finance Corporation (SETH) program because it allowed for higher income, Down Payment Assistance, and the guidelines were more conducive for your situation.
On 06/04/2016 you were sent a Change of Circumstance (COC) which showed your loan program changed to the SETH program. On 06/06/2016, you signed your Loan Estimate, and on 06/20/2016, you signed your Closing Disclosure. Your loan closed on 06/23/2016, and you were made aware prior to your closing by your loan representative that the MCC fee was not reflected on your Closing Disclosure statement. However, the above-mentioned documents did reflect the 1% origination charge and the $225.00 State Bond Application Fee.
With respect to the MCC, your loan was never submitted to underwriting with the MCC, it was determined the property did not meet the program criteria for the MCC. Specifically, the SETH MCC program is not available in Dallas County where the property is
Your correspondence indicates your dissatisfaction with the lack of communication you received form you loan representative and with the delays you experienced throughout the closing process. You also expressed concern as it relates to obtaining the Mortgage Credit Certificate (MCC).
Your correspondence mentioned that there was lack of communication on the part of the loan representative. The loan comments noted in your file indicated your loan representative provided updates on the status of the loan and continued to communicate with you during the course of …show more content…
On 05/15/2016, your loan program was then changed to Southeast Texas Housing Finance Corporation (SETH) program because it allowed for higher income, Down Payment Assistance, and the guidelines were more conducive for your situation.
On 06/04/2016 you were sent a Change of Circumstance (COC) which showed your loan program changed to the SETH program. On 06/06/2016, you signed your Loan Estimate, and on 06/20/2016, you signed your Closing Disclosure. Your loan closed on 06/23/2016, and you were made aware prior to your closing by your loan representative that the MCC fee was not reflected on your Closing Disclosure statement. However, the above-mentioned documents did reflect the 1% origination charge and the $225.00 State Bond Application Fee.
With respect to the MCC, your loan was never submitted to underwriting with the MCC, it was determined the property did not meet the program criteria for the MCC. Specifically, the SETH MCC program is not available in Dallas County where the property is